All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- TerraClassicUSD (USTC) surged 137% in 24 hours because Terra Classic Labs bought $500,000 worth of USTC at $0.021 per token.
- Binance’s plan to launch a USTC perpetual contract with up to 50x leverage coincided with the significant price jumps in USTC and LUNC.
TerraClassicUSD (USTC) has witnessed a remarkable upswing, catapulting its value by an astounding 137.20% within a 24-hour span. At the time of this writing, USTC is trading at $0.06479, marking a notable reversal of fortunes after weeks of stagnation. Furthermore, the token has accrued remarkable gains of 170% over the past seven days.
Notably, Terra Classic Labs’ recent acquisition of 25.6 million USTC tokens, totaling approximately $500,000, is responsible for this bullish momentum. They acquired these tokens at an average price of $0.021 per USTC. The move by Terra Classic Labs is in line with its Treasury Reserve Policy and has breathed new life into the USTC stablecoin, which had previously uncoupled from its intended $1 peg in May 2022.
Implications for USTC and LUNC
The acquisition by Terra Classic Labs not only strengthens the stability and liquidity of USTC but also presents an enticing opportunity for investors. With the average purchase price standing at $0.021, Terra Classic Labs has already seen a substantial increase of 76.6% in its investment value, given the current USTC price of $0.0371.
Meanwhile, the fate of USTC remains intertwined with its sister token, Terra Classic (LUNC). The surge in USTC’s value is anticipated to ripple effect on LUNC, which has also experienced a noteworthy 49% increase, reaching $0.0001188. This surge has erased previous losses and set LUNC on a trajectory to explore new price levels as the month draws closer.
These developments underscore the collective efforts of the USTC and LUNC communities to enhance the value of both assets through various measures, including upgrades and burning. Additionally, the Terra Luna Classic community has recently passed a significant proposal (Proposal 11885) aimed at on-chain deployment of terrad client v2.3.1.
This proposal tackles critical issues, especially those related to the dynamic validator commission module, and will further contribute to the revitalization of LUNC and USTC.
The recent price surges have not limited themselves to USTC and LUNC alone. Terra’s native token, LUNA, has also seen a notable uptick, with a 15% increase over the past 24 hours, bringing its price to $0.77. This surge follows a 400% rise in trading volume, indicating growing interest among traders.
Binance’s Strategic Move
Furthermore, the world’s largest cryptocurrency exchange, Binance, has made an intriguing announcement. Binance plans to launch a USTC perpetual contract, offering up to 50x leverage. This announcement is particularly significant as it coincides with the surge in TerraClassicUSD (USTC) and Terra Classic (LUNC) prices.
The USTC perpetual contract on Binance will launch at 12:30 UTC on November 27, with funding fee settlements every four hours using USDT as the settlement asset. Binance will also allow users to trade the USTC perpetual contract across multiple margin assets under the Multi-Asset Mode. Furthermore, qualified USD-margined futures liquidity providers stand to benefit from 0.005% maker fee rebates for trades on the USTCUSDT Perpetual Contract for approximately 14 to 15 days.
